Boss announces major shakeup, including loss of 2,000 jobs, as Barclays looks to shake its Libor legacy

BARCLAYS will shut down its “sophisticated” tax avoidance unit in a bid to
clean up its consumer image, following two major scandals which have plagued
its high street reputation and hit profits.

The bank’s boss, Antony Jenkins, will this week announce it is to axe about
2,000 investment banking jobs as part of its attempt to “shred” the legacy
left by former chief Bob Diamond, who quit after the bank’s £290m Libor
rigging scandal last year.

About 10% of staff in the structured capital markets division, which advised
several multinational companies on reducing tax bills, will lose their jobs,
Mr Jenkins will announce on Tuesday, when he will also unveil the bank’s
annual results.

A review has selected 75 business units and examined both their potential to
generate sustainable profit and potential to inflict reputational damage.

Writing in the Sunday Telegraph, Mr Jenkins said: “Tuesday is an important day
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